Jennifer Warawa - Mar 1, 2022 Form 4 Insider Report for DIRTT ENVIRONMENTAL SOLUTIONS LTD (DRTT)

Role
Chief Commercial Officer
Signature
/s/ Nandini Somayaji, as attorney-in-fact for Jennifer Warawa
Stock symbol
DRTT
Transactions as of
Mar 1, 2022
Transactions value $
-$87,177
Form type
4
Date filed
3/3/2022, 09:45 AM
Previous filing
Jun 22, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction DRTT Common Shares Options Exercise +35.5K +47.63% 110K Mar 1, 2022 Direct F1
transaction DRTT Common Shares Tax liability -$26.7K -14.2K -7.43% $1.88 177K Mar 1, 2022 Direct
transaction DRTT Common Shares Award $0 +80.7K +84.06% $0.00 177K Mar 1, 2022 Direct F2
transaction DRTT Common Shares Tax liability -$60.5K -32.2K -18.22% $1.88 144K Mar 1, 2022 Direct F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction DRTT Restricted Share Units Options Exercise $0 +35.3K +98.33% $0.00 71.3K Mar 1, 2022 Common Shares 35.3K Direct F1
transaction DRTT Restricted Share Units Award $0 +131K $0.00 131K Mar 1, 2022 Common Shares 131K Direct F3
transaction DRTT Performance-Based Restricted Share Units Award $0 +131K $0.00 131K Mar 1, 2022 Common Shares 131K Direct F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On March 1, 2021, the reporting person was granted 106,618 RSUs, vesting in three equal annual installments beginning on the first anniversary of the grant date. Each RSU represents a conditional right to receive a cash payment equal to the fair market value of Common Share or, at the Issuer's discretion, a number of Common Shares equal to the number of vested RSUs (or a combination of cash and Common Shares). One-third of the RSUs vested on March 1, 2022 and were converted into Common Stock on a one-to-one basis at the Issuer's discretion.
F2 On March 1, 2022, the reporting person was granted 80,677 share awards ("Share Awards"), and 32,190 shares were withheld to pay income taxes. Each Share Award represents an unrestricted Common Share of the Issuer.
F3 On March 1, 2022 the reporting person was granted 130,710 restricted share units ("RSUs"), vesting in three equal annual installments beginning on the first anniversary of the grant date. Each RSU represents a conditional right to receive a cash payment equal to the fair market value of one share of common stock of the Issuer (a "Common Share") or, at the Issuer's discretion, a number of Common Shares (or a combination of cash and Common Shares) equal to the fair market value of one Common Share.
F4 On March 1, 2022, the reporting person was granted a target number of RSUs equal to 130,709 restricted share units (the "Target Number of Restricted Share Units"). The number of RSUs that become vested RSUs will be between 0% and 150% of the Target Number of Restricted Share Units, depending on whether and to what extent certain trading price hurdles are achieved over the three-year performance period, which commenced on the date of grant. Vesting of the RSUs is further contingent upon the reporting person's continued employment through the end of the performance period. Each RSU represents a conditional right to receive a cash payment equal to the fair market value of one Common Share or, at the Issuer's discretion, a number of Common Shares (or a combination of cash and Common Shares) equal to the fair market value of one Common Share.